SAIL, CIL chase foreign coal mines

SAIL, CIL chase foreign coal mines

India's state owned companies Steel Authority of India Ltd (SAIL) and Coal India Ltd (CIL) are looking for ways to increase their coking coal production capacities to meet long term needs. According to an announcement from SAIL, the two companies are currently considering to form a joint venture in order to takoever some more coking coal mines. SAIL currently needs 10 million metric tons of coking coal per annum for its steel production. The company currently meets most of its needs from imports. Therefore, SAIL and CIL are now considering to form a joint venture which will look for acquisitions in America and Australia. SAIL representative also told that they were in talks with some coal mines in Russia, Australia and Poland. In related news, local Indian media reported that CIL is currently checking some coking coal mines in Africa for investment. A team from CIL will soon visit Mozambique, South Africa and Zimbabwe for possible mines. SAIL and CIL had already submitted bid to take on Mozambique Moatize coal project last year.